Investigating Xbitway: Legit or Scam? The Truth Exposed

Recently, Xbitway.com site appeared, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather credible proof that clearly indicates it is, actually, a fraudulent platform.

Despite what Xbitway site says, they won’t give back your money. Regardless of the money displayed in the “member area”, there is absolutely no possibility to withdraw even a penny. All pledges regarding crypto rewards are hollow as well.

It is better to prevent, than repair and repent!

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Xbitway Scam Overview

The primary feature that Xbitway strives to provide is a safe and convenient cryptocurrency wallet service. The site pledges exchange facilities, tools for handling wallets, transfers, dashboards, and similar stuff. In truth, they endeavor to emulate the functionality of a crypto trading platform, like Binance or Coinbase. However, it in fact exclusively serves as a shell intended to lull the vigilance.

Xbitway Scam

Initially, Xbitway imitates the appearance of multiple similar websites. There are quite a few examples, like Buffetex, Buffexy or Bullbearfortress. They are completely undistinguishable in terms of graphic elements, with minor discrepancies in the webpage header. Other specific elements, and sometimes even crypto wallet addresses, are identical. Most likely, all these fraudulent sites are managed by a single gang of scoundrels.

Cryptocurrency Scam Summary

How the Xbitway Scam Works?

Xbitway is yet another online platform within a wide-ranging network of associated crypto fraudulent platforms. The administrators employ different brand titles and sites, like Xbitway.com, to ensnare victims. Nevertheless, these fraudulent sites possess matching designs, terms of service, and About content. This unveils their beginnings as parts of the same criminal network, which advocates the similar type of scam under different covers. The deceivers merely duplicate the identical scam website under diverse names to mislead users into thinking they are enrolling a fresh venture. However, in reality, it’s the identical group of scammers orchestrating the fraudulent pledges and undertakings to seize deposited cryptocurrency. The managers shrewdly make use of psychological tactics and captivating offers to implement their dishonest schemes.

Step 1: Spreading

To begin the deceptive scheme, criminals create and fill accounts on popular social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Employing bots and sponsored promotions (when achievable), fraud actors boost the visibility of their deceptive activities to possible victims. This strategy enables them to create a wide net and connect with their targeted viewers. The latter usually comprises of cryptocurrency fans looking for opportunities to earn profits.

Users get an encouragement to sign up, drawn by the assurance of obtaining crypto rewards valued at hundreds of dollars, all without cost. To augment the appeal of the offer, false suggestions of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

People who show interest check out Xbitway.com via links present in advertisements or bot-generated posts. The website uses captivating visuals, design features that appear genuine, and assertions of possessing a valid license, all designed to convey an initial image of credibility.

Step 3: Data Gathering

To collect their rewards, users must actively sign up on Xbitway and receive guidance to submit sensitive and personal data during the registration process. This comprises linking their cryptocurrency wallets, revealing email addresses, supplying phone numbers, furnishing identification papers, and more.

Step 4: Requesting funds

Once registered, users notice significant amounts of cryptocurrency, valued at hundreds of dollars, within their Xbitway wallets. Nonetheless, as it usually happens with such bonuses, you are unable to withdraw them prior to making a deposit. Typically, a payment of $100 is asked to withdraw the sign-up bonus. This stipulation serves as the trap that ultimately results to the money loss.

Step 5: Disappear

The moment the deposit is made, the scammers halt all contact. They go ahead to bar users, erase accounts, and vanish with both the deposited funds and critical personal details. The fictitious prizes continue to be perpetually uncredited, as they lack genuine existence. They act purely as a phishing maneuver. This technique forms the foundation for the deceivers’ capability to trick victims and misappropriate hard-earned funds through their deceptive online crypto scam.

Signs of Scam

I gathered several facts that point at the scammy nature of the Xbitway.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Xbitway employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Xbitway exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Xbitway as a scam.
• Dubious Corporate Information. Xbitway arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Xbitway.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Xbitway utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Xbitway site and fell victim to that scam, there are still some steps to take. They will make further scam attempts harder, and also boost the knowledge about that scam among folks.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

Scan your system for possible malware infections

Beware of cross scams! Scam actors can use your trust to make you download some stuff or interact with certain documents. It may be a trap that installs malware to your system. There are no moral barriers or limits for these scoundrels.

Throughout the timeline of the fraud, its actors may get in touch with you with particular documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency assets. As we already figured out, these deceivers have no intention of giving back your funds. So, what can these email messages and browser add-ons represent? You guessed it right – that is another element of the deceptive plan designed to throw you into willingly installing destructive applications onto your device.

Both extensions and files attached to emails can function as a carrier for various malicious code. In this situation, I anticipate the presence of spyware and stealers among other forms of malware. While it is not obligatory for scammers to distribute malware, the probability is always above zero. As previously mentioned, their conscience is of little concern, and their dignity is already seriously marred. They have no scruples to lose and intend to boost revenues.

Remove spyware with Gridinsoft Anti-Malware

We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.

To use Gridinsoft for remove malicious threats, follow the steps below:

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4. Access the "Scan Tab" on the application's start screen and launch a comprehensive "Full Scan" to examine your entire computer. This inclusive scan encompasses the memory, startup items, the registry, services, drivers, and all files, ensuring that it detects malware hidden in all possible locations.

Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.

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8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.

Remember Gridinsoft offers a 6-day free trial. This means you can take advantage of the trial period at no cost to experience the full benefits of the software and prevent any future malware infections on your system. Embrace this opportunity to fortify your computer's security without any financial commitment.

Trojan Killer for “spyware” removal on locked PC

In situations where it becomes impossible to download antivirus applications directly onto the infected computer due to malware blocking access to websites, an alternative solution is to utilize the Trojan Killer application.

There is a really little number of security tools that are able to be set up on the USB drives, and antiviruses that can do so in most cases require to obtain quite an expensive license. For this instance, I can recommend you to use another solution of GridinSoft - Trojan Killer Portable. It has a 14-days cost-free trial mode that offers the entire features of the paid version. This term will definitely be 100% enough to wipe malware out.

Trojan Killer is a valuable tool in your cybersecurity arsenal, helping you to effectively remove malware from infected computers. Now, we will walk you through the process of using Trojan Killer from a USB flash drive to scan and remove malware on an infected PC. Remember, always obtain permission to scan and remove malware from a computer that you do not own.

Step 1: Download & Install Trojan Killer on a Clean Computer:

1. Go to the official GridinSoft website (gridinsoft.com) and download Trojan Killer to a computer that is not infected.

2. Insert a USB flash drive into this computer.

3. Install Trojan Killer to the "removable drive" following the on-screen instructions.

4. Once the installation is complete, launch Trojan Killer.

Step 2: Update Signature Databases:

5. After launching Trojan Killer, ensure that your computer is connected to the Internet.

6. Click "Update" icon to download the latest signature databases, which will ensure the tool can detect the most recent threats.

Step 3: Scan the Infected PC:

7. Safely eject the USB flash drive from the clean computer.

8. Boot the infected computer to the Safe Mode.

9. Insert the USB flash drive.

10. Run tk.exe

11. Once the program is open, click on "Full Scan" to begin the malware scanning process.

Step 4: Remove Found Threats:

12. After the scan is complete, Trojan Killer will display a list of detected threats.

13. Click on "Cure PC!" to remove the identified malware from the infected PC.

14. Follow any additional on-screen prompts to complete the removal process.

Step 5: Restart Your Computer:

15. Once the threats are removed, click on "Restart PC" to reboot your computer.

16. Remove the USB flash drive from the infected computer.

Congratulations on effectively removing spyware and the concealed threats from your computer! You can now have peace of mind, knowing that they won't resurface again. Thanks to Gridinsoft's capabilities and commitment to cybersecurity, your system is now protected.

Frequently asked questions

The truth about Xbitway

Name: Xbitway

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Xbitway, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Xbitway scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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